Danske Bank last week cut off banking business with Israel's Bank Hapoalim on "legal and ethical grounds."

What are Danske Bank's ethics?

According to Wikileaks cables, Danske Bank helped finance Tanchon, a North Korean trading company that sold ballistic missiles to Iran:

Tanchon has been involved in financing ballistic missile sales from KOMID to Iran's Shahid Hemmat Industrial Group (SHIG). SHIG is the Iranian organization charged with developing Iran's liquid- fueled ballistic missile program and is designated under UNSCR 1737 for an asset freeze.

The same State Department cable adds:

We previously raised with you in March 2006 our concern (REF L) that Tanchon Commercial Bank maintained a correspondent account with Den Danske Bank AS- Copenhagen. According to April 2009 Bankers Almanac information, Tanchon still maintains that account.

The cable, dated May 12, 2009, has the ID 09STATE48525_a.

Danske Bank claimed to have stopped doing so business with Iran in 2010, which is an acknowledgement that it was doing so previously. It did not state that it was doing so on "legal and ethical grounds."